OPEC will soon no longer attempt to stabilize oil market alone – Kachikwu

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Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, has issued a threat to the United States and other oil producing countries who are non-members of the Organisation of Petroleum Exporting Countries (OPEC), stating that OPEC would soon stop playing the role of stabilizer in the global crude oil market, Vanguard reports.

Addressing newsmen in Abuja, Kachikwu stated that ensuring high and stable prices of crude oil globally should be the role of OPEC and non-OPEC oil producing countries alike and should not be left alone for the former.

As a result of this, Kachikwu disclosed that OPEC has commenced moves to engage with non-OPEC member groups led by the United States and some Latin American countries on the need to regulate shale oil production and stabilize crude oil supply globally.

He said, “It is in the interest of everybody that somehow we find a way that shale would become a bit more matured and sensible about the long term outlook for shale production as opposed to short term intervention and sporadic in-playing that we have seen in the market place. We are working on that with OPEC.”

”That is why the engagement with shale producers and bigger oil companies need to happen. I think efforts are being made right now, by the Secretary-General to try and begin to create avenues for such engagements,” he added.